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Middle Eastern millionaires to exceed 220,000 by 2019

11 Mar 2015

According to a new report from WealthInsight, Middle Eastern millionaires are expected to grow at a fast pace, forecasting a growth rate of 4.1% on average between 2015 and 2019; the number of the Middle Eastern millionaires is expected to reach 226,809 by 2019.

The HNWI population and wealth in the Middle East have witnessed a significant growth between 2010 and 2014, and are set to grow further over the next five years. Millionaire population in the Gulf region grew by a CAGR of 8.1% from 136,195 HNWI individuals in 2010 to 185,816 individuals in 2014. The UAE, Saudi Arabia, Kuwait and Qatar accounted for more significant proportions of HNWIs than other Middle Eastern markets such as Iran, Iraq and Jordan.

WealthInsight forecasts that the number of millionaires is expected to exceed 220,000 by 2019. In particular, the number of HNWIs in Qatar, Kuwait, Oman and Saudi Arabia is forecast to grow at a CAGR of over 4% between 2015 and 2019. The HNWI population in Qatar is one of the fastest growing in the region, recording a review-period CAGR of 8.9% between 2010 and 2014. Bahrain also has one of the region's fastest-growing HNWI populations.

"Several factors support fast-growing number of HNWIs in Bahrain and Qatar but the most obvious influential reason is the size of their economies. Being smaller and less developed markets, Bahrain and Qatar stand greater chance for growth than matured markets such as the UAE and Saudi Arabia," comments Dr Roselyn Lekdee, Analyst at WealthInsight.

"When the market is new, there are fewer players and less competition, which in some cases can enhance greater chance for the SMEs to use first-mover advantage strategy - generating wealth and hence creating more millionaires," says Lekdee.

The content is based on key findings from the WealthInsight report entitled 'Business Strategies for targeting HNWIs and UHNWIs in the Middle East'.

For more information please see attached white paper or contact me directly if you would like any further comments from Dr Roselyn Lekdee.

 

 



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